Key Bitcoin onchain signal may mark BTC’s next demand revival

💡 DMK Insight

Bitcoin’s struggle to break above $65,000 is telling us something about market sentiment right now. The persistent selling pressure suggests that traders are either locking in profits or hedging against potential downturns. However, the stabilization of a key on-chain indicator could signal a shift in spot market demand. If this indicator continues to hold steady, it might indicate that buyers are starting to step back in, which could lead to a breakout above that $65,000 resistance. Traders should keep an eye on volume trends and the behavior of large holders, as their movements often precede significant price changes. But here’s the flip side: if selling pressure resumes or intensifies, we could see Bitcoin testing lower support levels. Watch for a close below $62,000, which could trigger further sell-offs. The next few days are crucial; if the on-chain indicator starts to decline, it might be a sign to reassess bullish positions.